Budget has become political showpiece

The Institute of Economic affairs think-tank has called for an end to the annual Budget, arguing it has become a political showpiece. The institute, which also called for a huge reduction in public spending, an end to ring-fencing and a cut in taxes, said the government should set out its three-year spending plans in the autumn.

“The Budget should only be used to set rates and thresholds for existing taxes,” it stated, adding it “has become a charade that is used by the government for political purposes.”